Neighbourhood 3 MARCH 2019
PROPERTY & LIFESTYLE
A peaceful union Arcadia and Eastwood, place of all things official in our capital, are home to an interesting mix of people young and old, page 2
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SUBURB FOCUS: ARCADIA & EASTWOOD
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PROPERTY NEWS
3 MARCH 2019
Neighbourhood
Suburb focus
*Map not to scale
Arcadia & Eastwood Peace and elegance in the shade of lovely old jacaranda trees in perfect synergy with a spirited and lively temperament
A
rcadia and Eastwood are two very similar adjacent suburbs forming a lovely tree-filled neighbourhood just east of Pretoria’s central business district.
WORDS: BETSIE LOOCK-VAN DER MERWE
Arcadia is well-known as the home of the historical Union Buildings (the official seat of the South African government) as well as the presidential residence.
IMAGES: RENE WALKER & GOOGLE MAPS
This area is often referred to as South Africa’s “embassy capital” because of its enormous concentration of embassies and diplomatic missions. Closely situated to the University of Pretoria, Arcadia and Eastwood accommodate an abundance of students as well. The area is particularly appealing because of its central location to amenities and infrastructure like public transport, shopping centres, hospitals, schools and churches. Being incorporated into Pretoria in 1889 already, Arcadia and Eastwood have kind of an old soul and a young heart, creating a magical character.
Property
Arcadia and Eastwood’s property offering is as diverse as its colourful population. One can literally buy a 30m2 student apartment for under R300,000 or a beautifully restored architectural treasure dating back to the late 1900s at an asking price of R4m+. Somewhere in between is the demand for modern, luxury, lock-up-andgo apartments suitable for young professionals and career-oriented individuals and couples. These come with a price tag of roughly R1,7m to R2,5m, depending on size and location. Properties in Eastwood and those close to Loftus, the Gautrain station and the embassy hub are the higher-priced. The demographic profile of stable owners in the area is currently almost evenly balanced, with approximately 49% of owners between the ages of 18 and 49, while the rest falls in the 50+ category. However, the recent buyer profile shows a significant tilt towards the younger generation with 52,2% of recent buyers between 18 and 35. Although the property offering covers the whole spectrum, it’s currently dominated by traditional high-rise apartments catering to students and middle-income residents. These are well in demand because of the proximity to both the university and the city centre. It also offers investors the opportunity to enter the market at a minimal investment for a single apartment or a substantial investment in a whole block of flats. Upper-end properties in Arcadia and Eastwood are typically used for ambassadorial residences, guesthouses, professional practices and even communes.
Schools Arcadia Primary School is the oldest school on its original premises in Pretoria. The school was established in 1903, and the first pupils were accommodated in tented classrooms. Today, the school can look back PUBLISHED BY TIMES MEDIA PROPERTY PUBLISHING 1st Floor, Block H, Sable Square cnr Bosmansdam and Ratanga roads Milnerton, Cape Town
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on many decades of excellence in education, while it has also kept pace with the latest developments. Laerskool Pretoria-Oos opened its doors in 1928 in the neighbouring Brooklyn. This school is also of service to learners from Arcadia and Eastwood and serves as a feeder school for Afrikaanse Hoër Seunskool and Afrikaanse Hoër Meisieskool. The prestigious Pretoria Boys High School is situated next door to Laerskool Pretoria-Oos and Pretoria High School for Girls is just a few minutes’ drive away. There are many other good schools in the area e.g. St Mary’s DSG, The Capital Hotel School, Pretoria Technical High School, and TuksSport High School. In addition to the University of Pretoria there are many other further educational facilities in the vicinity like Boston City Campus, Serwalo Hair Academy, Steyns’ Culinary School, and MSC Business College.
Explore With historical buildings, several parks and many other places of interest Arcadia and Eastwood offer great value for sightseers and day-trippers alike. Prominent Pretoria attractions like the zoo and the botanical gardens are situated close to these suburbs, and both are fantastic options for family outings. The neighbourhood is within short distance from the South African State Theatre. This large theatre complex constantly presents an extensive variety of productions in various genres. For those in the mood for a good movie, Ster-Kinekor at Sterland Mall is just the place to be. Arcadia is also home to the legendary Loftus Versfeld Stadium, which draws tens of thousands of rugby enthusiasts in the rugby season. Alternatively, if you enjoy watching your game in a lively sports bar, the popular Eastwoods, just up the street from Loftus, boasts ample screens, lots of beer, and delicious meals.
ADVERTISING SALES: Call us for advertising opportunities on 087 828 0423 Production: Lucea Goosen pretoria@yourneighbourhood.co.za Online coordinator: Chantelle Balsdon chantelle@augmentcreative.com
3 MARCH 2019
Neighbourhood
PROPERTY NEWS
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EAT • Harrie’s Pancakes: famous and fabulous in Eastwood • Eastwoods: sports pub, grills and pizza on the menu • Trademarx Restaurant & Bar at Loftus • Relish Bistro in Springbok Park • Orange Restaurant & EmBARgo Lounch, Sheraton Hotel
PLAY • The Union Buildings designed by renowned architect Herbert Baker • Loftus Versfeld Stadium, legendary home to the Blue Bulls rugby team • Pretoria Art Museum houses an impressive collection of mainly South African art • The 9m-tall statue of Nelson Mandela at the Union Buildings • Smell the roses at the Rosarium in Venning Park in Eastwood
HOSPITALS • • • • •
Mediclinic Muelmed Mediclinic Heart Hospital Louis Pasteur Private Hospital Netcare Femina Hospital Netcare Jacaranda Hospital
HARRIE’S PANCAKES
I love living in Arcadia. I can walk or catch the bus to work, to the shops, to the movies – to just about anywhere. It gives me freedom and independence.
You’ll pay
R5,497 per month
R560,000
For a typical property (two-bedroom apartment)
R1,775m In a complex
76%
R4,026
Median asking price
For a typical property (one-bedroom apartment)
R13,000 In a complex
COMPLEX
7%
2% 93%
APARTMENT
For a typical property in this area
Median asking price
For rent in Arcadia
APARTMENT
Monthly bond repayments
For sale in Arcadia
COMPLEX
LINDI MKHIZE, RESIDENT
Based on
over a period of 20 years at 10.25% prime
R520,000
R4,800
For an apartment
R3m For a house
For an apartment
17%
R7,000 For a house
HOUSE
median asking price
HOUSE
R560,000
5%
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PROPERTY NEWS
3 MARCH 2019
Yes, it’s binding When an offer to purchase (OTP) a property is signed by both buyer and seller, it’s a legally binding document for both parties and not something one can simply walk away from if either party has a change of heart WORDS: ANNE SCHAUFFER
IMAGES: SHUTTERSTOCK
“A
n OTP (offer to purchase) is essentially an agreement that lays out the terms and conditions of the property transaction between the buyer and seller,” says RE/ MAX of Southern Africa’s regional director and CEO, Adrian Goslett. “Once signed by both buyer and seller, it is contractually binding, so it’s imperative that both parties be fully satisfied before putting pen to paper. A responsible real-estate professional will make this fact known to both parties involved, either by means of verbal or written communication, before allowing either to sign,” he says. “However, it’s ultimately the responsibility of the individuals to ensure they understand all the clauses and stipulations within the contract. If they’re uncertain on any point, they should ask their agent for an explanation or obtain a professional opinion from a lawyer,” Goslett cautions.
If the seller withdraws
“If the seller withdraws, the buyer can get a court order compelling the transfer,” says Maria Davey, attorney, Meumann White Attorneys. “If the buyer accepts the seller’s withdrawal, the seller becomes liable for the immediate payment of the estate agent’s commission and any damages the buyer may suffer.” She adds, “The buyer’s damages may be negligible because the seller will only be liable to the buyer for actual out-of-pocket loss, however, it also depends at what point the seller pulls out. For example, the buyer may have sold his own property, and need to secure alternate accommodation urgently. Cancelling a week after signing the OTP is different to cancelling a day before transfer is due to be registered – what if the buyer had committed to a tenant to occupy the property? He will be liable to his proposed tenant and the seller in turn will be liable to the buyer. There’s also the transfer and bond attorneys’ wasted costs.”
If the buyer withdraws
Davey explained the flipside, “If the buyer withdraws, then, in theory, the seller could bring an application to compel the sale, but this isn’t possible if the buyer was paying the purchase price from the proceeds of a bank loan to be secured by a mortgage bond. The seller cannot force the bank to proceed with the loan. “If the buyer withdraws after securing the full purchase price in cash, then compelling the transfer is simple. If the buyer has other assets that can be sold in execution to give effect to the payment of the purchase price, it’s also possible to compel, but all this involves litigating and legal costs. Ultimately the average seller just wants to sell the property and move on. So, a seller will invariably accept the cancellation, reserving the right to claim damages. Damages will include any difference in the selling price, the agents’ commission, and wasted transfer and bond registration costs.” Steve van Wyk, MD, Seeff Centurion, stresses, “To avoid any misunderstanding, all agents should inform all buyers from the outset that the OTP becomes a legal and binding agreement once signed and accepted by the seller. Buyers are often well aware of the legal implications of signing the OTP, but will try to get out of the agreement due to a number of factors, including ‘buyer’s remorse’, interest in a different property, or a change in their financial position. “In terms of the agent’s code of conduct, the agent must explain all the terms of the offer to purchase to both buyer and seller.”
An OTP is binding
Davey concludes, “A common misconception is that there’s no agreement until all conditions – such as, for example, the grant of a loan – are fulfilled. This is simply not correct. As soon as the agreement is signed by the parties, the rights and obligations that bind the parties are created, even if at a later date it all falls by the wayside as a result of the non-fulfilment of conditions.”
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Secure 4 bedr home in prime location with bachelor flat & staff quarters. Open-plan living areas, quality kitchen & entertainment facilities. Double garage & carport. Direct home access!
2 bedr, 1 full bathr townhouse situated in Rooihuiskraal North, close to schools and shopping centres. Open-plan living area & kitchen with a breakfast counter. Garden is pet friendly. 1 carport.
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WIERDA PARK
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R2 550 000
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Low maintenance face brick unit! 2 bedrs, 1 bathr, modern openplan kitchen / lounge walks out onto private garden with built-in braai. The unit has an allocated covered parking.
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LOFTUS VIEW
HATFIELD
STUDENT ACCOMODATION @ TUKS!
SOLE MANDATE
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